1. The Australian: Iron ore talks due despite China deadlock
Benchmark iron ore pricing discussions skip 2009 and head straight into 2010: talks scheduled to begin next month. China’s largest steelmaker Baosteel is expected to lead the upcoming negotiations rather than this year’s China Iron and Steel Association that failed to deliver 2009 benchmark prices.
2. The Associated Press: Cliffs boosts expectation for iron ore, coal sales
U.S based Cliffs Natural Resources raises its predicted yearly iron ore and coal sales. Iron ore expectant sales were raised from 13-14 million up to 16 million, while new coal sales estimates hover near 17 million, up from 15 million.
3. Reuters: UPDATE 1- Chinalco says still keen on overseas deals
Failed Rio Tinto deal has yet to frighten Chinalco from seeking overseas acquisitions. The Chinese metals conglomerate has switched its acquisition focus to metals such as aluminum and copper rather than iron ore.
4. Times of India: Probe into ship sink; Ukranian engineer missing
The Mongolian cargo ship the MV Black Rose capsized three nautical miles off Paradip port last Wednsday. The ship was carrying 24,000 tonnes of iron ore fines. India’s Coast Guard rescued the ships crew except for the ship’s chief engineer. The accident is currently under investigation.
5. AFP: Rio Tinto says Vale iron ore mine sale approved
Brazil’s National Defense Council approves Rio Tinto’s $750 million sale of the Corumba iron ore mine to Brazilian miner Vale. Rio Tinto has offloaded nearly $6.6 billion in assets over the past 18 months.
6. Bloomberg.com: Port Hedland Ore Exports Gain 14% as China Buys More (Update 1)
China exports 9.8 million tons of iron ore through Australia’s Port Hedland in August, port exports rise 14% compared to a year earlier. BHP Billiton and Fortescue Metals Group use Port Hedland’s facilities. Total August exports reached 14.2 million, up from 12.5 million last August.
7. Reuters: CORRECTED- Petropavlovsk advances K&S iron ore project
Peter Hambro Mining changes name to Petropavlovsk: announces progress on its K&S iron ore project. The development, located in Russia’s Far East, is expected to be a future supplier of raw materials to China. Petropavlovsk, based in Russia, will manage London-traded Peter Hambro Mining’s assets.
8. WA Today: WA approves Gindalbie-Ansteel project
Gindalbie-AnSteel’s iron ore joint venture waits for Australia’s Federal Environment Minister Peter Garrett’s approval. The Karara operation was granted final approval from the West Australian government. If approved by Garrett, the project will be the first major iron-ore operation in the state’s mid-west.
9. The Candian Press: Russian, American financiers to buy controlling stake in Century Mining
Two firms agree to pool capital to purchase a controlling stake in Century Mining Corp. The funds will be used to restart gold mining operations at the Lamaque underground mine. Kirkland Intertrade Corp. and Gravity Ltd. plan to each purchase 100 million units of Century, for a combined total of C$20 million.
10. Reuters: Late Indian monsoon to delay iron ore exports
Later than average seasonal rains coupled with extended repair work at the Goa port will cause India’s iron ore exports to resume a month later than usual. Nearly 40% of India’s iron ore exports are shipped through Goa. Exports are expected to resume mid-October.
